Is web3 casino the new trend for casinos?

[0t3p0t]

Just like the signature you are wearing OP as it states that it is a web3 casino. 😁 But personally I don't have that much idea about web3 casino since I never tried one yet. All I know from google is that it is a new kind of internet service that offers decentralization but what confused me is that compliant casinos are centralized since they are regulated so maybe it is a decentralized web casino that offers centralized gambling activities I don't know. 😅

[robelneo]

Just like the signature you are wearing OP as it states that it is a web3 casino. 😁 But personally I don't have that much idea about web3 casino since I never tried one yet. All I know from google is that it is a new kind of internet service that offers decentralization but what confused me is that compliant casinos are centralized since they are regulated so maybe it is a decentralized web casino that offers centralized gambling activities I don't know. 😅

I played on web3 casinos and you have to link your wallet and sign it in to be able to sign up on Web3 casinos everything here is automated so KYC is out of the question unless the developers find a way through contract configuration for you to do  KYC.
So many players are not used to doing this because many of us do not like the concept of linking our wallet to a platform all I know is the contract should be audited so there will be no bugs or other codes that will steal coins from our wallet.
If many web3 casinos come in we have to research how to secure ourselves in these and what will be the reaction of the regulators.

[Hispo]

Just like the signature you are wearing OP as it states that it is a web3 casino. 😁 But personally I don't have that much idea about web3 casino since I never tried one yet...
🍑

Web 3 gambling is a relatively new concept, it is about using the potencial of smart contracts to provide gambling services running on blockchains, like those on Ethereum. Since the casino itself is a collection of decentralized apps (dapps), the only thing a person needs to gamble there is having a set of private and public keys (aka wallet). In theory, all games running on those casinos are supposed to be provably fair as well.
Though, there is always a catch, and the catch here lies on the fact most of those casinos are programmed, so the owner/developer of it can use their private key to access centralized functions which any other user would have.
Launching a truly decentralized casino would imply the developer to take the risk of putting his funds and the funds of his gamblers at risk, because of bugs, or exploits. It would not be the first time a dapp gets hacked and stripped of their funds. Look up for what happened to Pickle Finance.

[Orpichukwu]

When web3 was proposed, it was said it would be decentralized but it was not decentralized but centralized. We thought it will make use of nodes, but all what we are seeing are central servers. Everything that are making use of central servers can easily be controlled by the government and web3 is still one of them.

Web3 casino's are an advance of the regular online crypto casino's, but the advancement does not cut into the area of annonmity as expected.

The idea of the web 3 casino on anonymity cannot be achieved because AML regulations are getting stronger. The government will not ignore Web3 casino's, they also want the same regulations as there as with other online casino's.

One of the advantages of the web3 casinos can also be linked to transparency and instant withdrawal, as they preach, as most of them make it very easy for you to follow up on the game through the public blockchain, and as they say, there is no possible way of freezing users withdrawals. 
 
On the aspect of the government coming after the Web3 casino, to start with, most of the Web3 casinos are not completely decentralised, so those that fall under that category can easily be forced to enforce KYC on their platform.
 
But for the other aspect, how will they make that mandatory? Will they force the casino to enable KYC on gamblers so that the only interaction they have with the casino is their wallet connection? How will they implement that? Just curious.

[crwth]

Well, at least it's a start I think. Having the web3 casinos being played upon would help add more customers that are quite tech-savvy. Casinos need to have those regulations because people might not try their products if they are not regulated. It's important always I think in casinos to be legal and to prevent possible malicious behavior of the house or something.

Maybe a decentralized one?

[aioc]

Launching a truly decentralized casino would imply the developer to take the risk of putting his funds and the funds of his gamblers at risk, because of bugs, or exploits. It would not be the first time a dapp gets hacked and stripped of their funds. Look up for what happened to Pickle Finance.

This is why they are not popular among gamblers, the developers of these web3 casinos should explain and ensure their players are safe and their funds are safe while playing here because it is a command base and you grant these casinos permission, these web3 casinos should be properly audited and monitored by a reputable smart contract auditor.
I still prefer a centralized exchange where regulations are in place and you are more familiar with the environment.

[alani123]

Web3 is surely a trend but it introduces attack vectors and issues that are so much more easily solved under s trust based model.
Fully decentralized platform are not capable of allowing flexibility of transactions whereas in a centralized system it's very much none to berry little resource intensive to run your gambling tasks on a server.

So the mere inefficiency is a large cost factor that prevents many from going into web in general,

[BitMaxz]

It seems that WEB3 casino is becoming more popular these days I saw a token on Coingecko called JetTon Games after checking the website I saw lots of casino games.
A gala token also has a player-to-player web3 poker and it seems we will see more incoming Web3 casinos.

The only problem for some of those is they have a KYC policy meaning it requires IDs and selfies, another problem with using Web3 casino is you need to connect your wallet online no offline transactions which I think is not safe compared to others casinos here on the forum.

[AmoreJaz]

Launching a truly decentralized casino would imply the developer to take the risk of putting his funds and the funds of his gamblers at risk, because of bugs, or exploits. It would not be the first time a dapp gets hacked and stripped of their funds. Look up for what happened to Pickle Finance.

This is why they are not popular among gamblers, the developers of these web3 casinos should explain and ensure their players are safe and their funds are safe while playing here because it is a command base and you grant these casinos permission, these web3 casinos should be properly audited and monitored by a reputable smart contract auditor.
I still prefer a centralized exchange where regulations are in place and you are more familiar with the environment.

And that they can't guarantee as hackers are always on the works to find a loophole on these platforms. This is why a lot of these gamblers are still sticking to centralized casinos/bookies. At least, if they got a problem, they can easily contact support and possibly resolve their situation.

Besides, we don't know how honest is their 3rd party smart contract auditor. For all we know, the auditor itself is also part of the business of their platform.
For now, some of these developers are trying their chance on web3 casinos. We will see if they will indeed proliferate in the coming years.

[danherbias07]

I don't really know much about it and I haven't tried it yet.

I only read one article about this on Medium and somehow that enlightens me about the comparison between physical casinos, web2 online gambling platforms, and web3.
Decentralization they say which I think is a cool idea but what's the difference with the decentralized gambling platforms that are already in the market?
I think it's the other offers that will stand out for this new type of gambling. It's either they will create their own coins or offer investment features that can also enhance the number of investors and gamblers to come in.
It's fresh, that's what I could tell, but there's no certainty if it will work.

[doomloop]

I think where such web3 casino idea will gain more audience and more usership, is in countries or regions where cryptocurrencies is already being accepted and  integrated into the financial system of the place and while KYC may be a mandatory requirement for now, regulators will still demand it for web3, citing the prevention and control of money laundering schemes and of course taxes, of the which have become a means for various governments to earn from the Blockchain network currently.

That is exactly how a crypto casino can get an adoption. Not only that but we must also ensure that casinos are legal in our jurisdiction. The only difference of Web3 casinos from the normal crypto casinos is I think they are kind of decentralized, so KYC can be optional there. That is a good and big thing for many crypto users. I can believe more that regulators demand a KYC to tax the users and not specifically to combat the money laundering schemes and other frauds happening around.

which have become a means for various governments to earn from the Blockchain network currently

I'd say crypto, more than Blockchain. But Blockchain is I think also huge and without it, cryptos and Web3 casinos won't exist. So maybe it's nice if people can also give credits to it sometimes.

[Dr.Bitcoin_Strange]

We all know that even before web three casinos came to live or becoming a trend in the space, lots of KYC casino already exited and have had so many customers that have already passed KYC on those casino are still going to be using their old choice of casino, if they are going to switch to web3 casinos, I think those web3 casinos should have something more to offer than just being a non-kyc casino, I have not used any web3 casino, so I don't know if there's anything more unique about it.

 Secondly, just as someone already said in the comments above, if there's any case of money laundering in those casino, the government will definitely go against them and they will have to comply with the authorities or have their business closed.

[Distinctin]

..... if there's any case of money laundering in those casino, the government will definitely go against them and they will have to comply with the authorities or have their business closed.

IMO it doesn't work like that, Anti Money Laundering is not a reactive law or policy, it's the prevention of doing such illegal activities. And to ensure that it will eradicate or prevent the problem, casinos are required to impose a KYC policy that should be compulsory from its users.

This web3 casino cannot be requiring if they are not regulated, and there are casinos that stays unregulated and still operating fine because they kept their good repution that's why they have loyal gamblers on them, could attract new gamblers as well.

[DaNNy001]

Just like the signature you are wearing OP as it states that it is a web3 casino. 😁 But personally I don't have that much idea about web3 casino since I never tried one yet. All I know from google is that it is a new kind of internet service that offers decentralization but what confused me is that compliant casinos are centralized since they are regulated so maybe it is a decentralized web casino that offers centralized gambling activities I don't know. 😅

Well first of all that was supposedly the idea with web3 tech as in it's supposed to offer some kind of anonymity for its users but with the way things are turning up it's almost as if that whole idea is completely just a lie because all the casino are actively demanding your KYC, if it's not for opening an account then it's gonna be for maybe funds withdrawal at the end.

[Hispo]

🍑

This is why they are not popular among gamblers, the developers of these web3 casinos should explain and ensure their players are safe and their funds are safe while playing here because it is a command base and you grant these casinos permission, these web3 casinos should be properly audited and monitored by a reputable smart contract auditor.
I still prefer a centralized exchange where regulations are in place and you are more familiar with the environment.

To me the actual advantage of centralized casinos are two: they have a track record within the industry and the fact they are easier to patch when some bug or exploit appears. Centralized casinos can have their wealth located in multiple wallets and hardware wallets (decentralized casinos / web 3 casinos would be unable to have their funds located within a hardware wallet, it would require a human being pushing the buttons and approving transactions), they can recover from hacks and theft of funds. Stake is a good example of it, it got hacked by north Koreans some months ago and it is still well a running.
On the other hand, because of the way web 3 casinos work, if they get exploited once, all the money will be gone and with little to no chance of recovery.

[Dr.Bitcoin_Strange]

This web3 casino cannot be requiring if they are not regulated, and there are casinos that stays unregulated and still operating fine because they kept their good repution that's why they have loyal gamblers on them, could attract new gamblers as well.

So, if web3 casinos are operating and maintaining their good reputation, let's assume that someone actually committed a money laundering crime and started to use any of the web3 casinos to clean up the money. Because he didn't want to be detected, he was doing the deposit little by little, but unfortunately for him, the casino detected what was going on. What do you think the web3 casinos will do? Since they don't have KYC information for such user, even if they lock the account of the user, he must have already withdrawn a lot of the money. In such a case, what will the casino do to keep their reputation clean? 

[Oshosondy]

The only problem for some of those is they have a KYC policy meaning it requires IDs and selfies, another problem with using Web3 casino is you need to connect your wallet online no offline transactions which I think is not safe compared to others casinos here on the forum.

That is never an issue for me. I am not using high amount of money to gamble. Out of my weekly salary, I use less than 5% to gamble. So what should I be afraid of when I use just little amount of money to gamble?

Sometimes I think some people are too privacy conscious. Or if you think that you have huge amount of coins and you want to send part of it to your casino account, you can first send it to a mixer or an exchange before sendimg it to the casino site.

[Distinctin]

This web3 casino cannot be requiring if they are not regulated, and there are casinos that stays unregulated and still operating fine because they kept their good repution that's why they have loyal gamblers on them, could attract new gamblers as well.

So, if web3 casinos are operating and maintaining their good reputation, let's assume that someone actually committed a money laundering crime and started to use any of the web3 casinos to clean up the money. Because he didn't want to be detected, he was doing the deposit little by little, but unfortunately for him, the casino detected what was going on. What do you think the web3 casinos will do? Since they don't have KYC information for such user, even if they lock the account of the user, he must have already withdrawn a lot of the money. In such a case, what will the casino do to keep their reputation clean? 

No, without coordination with the AMLC, casinos cannot effectively spot money laundering activities. While they might be suspicious of certain accounts, they cannot prove anything definitively. In fact, it's difficult to suspect money laundering if the user is smart and gambles little by little, as such transactions are normal for gamblers.

Only when a casino is regulated can the money laundering council detect who the launderers are, thanks to the identity associated with account owners. This is only possible if there's a KYC requirement for every user. Regulators always push for casinos to be registered so they can regulate them. Casinos that do not apply for registration may be considered operating illegally and can be sanctioned by the law if caught.

[dezoel]

Web3 casinos are not completely anonymous because what I know is that when you use web3 you still have to deposit your funds from the metamask to the casino account and when withdrawing the opposite, so for me in this way it is clear that the casino will still ask for your KYC at any time when a problem occurs for you.

The casino has existing licenses and regulators so there is no way that in full anonymity the casino can still control your account.
Web3 is now a new trend so casinos are integrating this because people may argue that with web3 it is fully anonymous.

What kind of web3 casino would require their gamblers to deposit the funds to the casino and then gamble? How is it a web3 casino if that is the case? A web3 platform is supposed to be decentralized which means that you won't need to make a deposit or withdraw when you use that platform because everything happens on-chain, it means that when you make a bet, you bet the funds directly from your wallet because you will connect your wallet with the platform.

When you win in a web3 casino, the funds go straight into your account that you have connected with the platform, so you don't need to withdraw. If a platform asks you to make a deposit or withdraw your funds when you win, it is centralized and that cannot be a web3 casino.

[BABY SHOES]

Web3 casinos are not completely anonymous because what I know is that when you use web3 you still have to deposit your funds from the metamask to the casino account and when withdrawing the opposite, so for me in this way it is clear that the casino will still ask for your KYC at any time when a problem occurs for you.

The casino has existing licenses and regulators so there is no way that in full anonymity the casino can still control your account.
Web3 is now a new trend so casinos are integrating this because people may argue that with web3 it is fully anonymous.

What kind of web3 casino would require their gamblers to deposit the funds to the casino and then gamble? How is it a web3 casino if that is the case? A web3 platform is supposed to be decentralized which means that you won't need to make a deposit or withdraw when you use that platform because everything happens on-chain, it means that when you make a bet, you bet the funds directly from your wallet because you will connect your wallet with the platform.

When you win in a web3 casino, the funds go straight into your account that you have connected with the platform, so you don't need to withdraw. If a platform asks you to make a deposit or withdraw your funds when you win, it is centralized and that cannot be a web3 casino.

Maybe you could take a look at MetaWin? I see that the balance must first be deposited into a MetaWin account and then you can bet.
How is it possible to bet directly from the decentralized web3, means if so every time you bet you have to confirm the transaction via metamask? Then that's what I know every web3 casino will end up depositing the balance too.

So with web3 casino it is only limited to transferring your balance to the casino account but on the other hand when withdrawing it will be more instant.
But then again until now I have never bet with the web3 casino.